(Bloomberg) — The U.K.'s financial regulator said insurance companies are not always providing clear information to consumers about whether it is cheaper to pay for coverage upfront or in installments.
The Financial Conduct Authority said the industry should take action when required after reviewing 13 insurers and 30 intermediaries. It found a number of cases where insurers and brokers didn't provide the interest rate, fees and charges, or the total amount payable for policies.
Linda Woodall, acting director of supervision, said the FCA is following up with individual companies where it found specific examples of failings or poor practice.
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